Beadell's revenue and profits fall
PERTH (miningweekly.com) – Gold miner Beadell Resources has seen a A$70-million decline in revenues for the year ended December, as gold production declined.
Total gold recovered from the Tucano mine, in Brazil, decreased from the 153 691 oz produced at the end of 2014, to 122 292 oz at the end of 2015, generating revenues of A$190.6-million, compared with the A$260.2-million reported in 2014.
Gold sold during the full year also declined from 165 789 oz to 121 469 oz.
Beadell told shareholders that mining at the Tucano project was impacted by wet weather conditions in the first half of the year, which restricted the use of the larger fixed-frame haulage fleet.
Mining areas were less constrained during the second half of the year, while mining at the Duckhead stage 3 pit also started during the December quarter.
The company undertook a number of initiatives at Tucano, aimed at increasing production, while reducing costs. The initiatives were tipped to increase production at the Tucano mine to between 145 000 oz and 160 000 oz in 2016.
Meanwhile, Beadell had also reported a net loss of A$44.3-million for the full year, compared with a net profit of A$13.5-million in the previous financial year.
The net loss was achieved on the back of a A$16.8-million impairment charge, which included an A$11.8-million charge in relation to the magnetic separation plant and Beadell’s iron-ore receivables.
The impairment charge was recognised as a result of the continued financial difficulties of the company’s iron-ore by-product offtake partner Zamin Amapa Mineracao, following the destruction of the port facility at Santana, and the suspension of production activities at Samin’s Amapa iron-ore mine.
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